The market is gearing up for the upcoming launch of the Solana ETF. CME futures activity is at an all-time high, demonstrating readiness for public trading.
Despite the recent decline in SOL prices, mainstream markets are still showing signs of preparing for the launch of a Solana ETF. Following the latest S-1 filing, CME Solana futures volumes spiked, reaching their highest levels since March when the product was launched. Analysts have suggested that the surge in trading volumes could signal that an ETF approval could be announced in the coming months.
SOL futures volume on the Chicago Mercantile Exchange (CME) reached an all-time high in June. | Source: CME
A total of seven ETFs are expected to be approved in the near future, one of which incorporates SOL staking – an innovative product that combines traditional investment with original income from the cryptocurrency ecosystem.
CME futures data shows a mix of retail and institutional participation. In recent days, CME has seen institutions increase their share of trading, accounting for about 10% of trading volume in May.
Since the product was launched, 106K contracts have been traded, with a notional value of $3 billion. While the CME market remains small relative to total activity on SOL, the product represents significant mainstream awareness and interest. Daily open interest also peaked on July 17, maintaining the trend of increasing activity.
SOL Market Shows Signs of Increasing ETF Approval Possibility
During the pre-ETF preparation period, SOL experienced some downward price fluctuations, falling below $130. The pressure was largely due to futures speculation and liquidation of long positions. However, mainstream investors are actively adjusting their positions, preparing for the ETF trading channel.
One of the recent signs of preparation is the appearance of the VSOL ticker registered by VanEck with the Depository and Clearing Center (DTCC). The registration of the ticker does not mean that the product will trade immediately, but history shows that VanEck's Ethereum ETF takes about six weeks to officially launch after being granted the ticker.
CME futures data is consistent with Bloomberg’s ETF approval prediction chart, showing Solana as the top candidate for the next ETF. In June, Polymarket’s prediction also raised the probability of a Solana ETF to 91%, with a 50% chance of a July launch.
Searches for the keywords SOL ETF and ‘Solana ETF’ also spiked in June, demonstrating growing interest from the mainstream investment community.
The launch of a larger Solana ETF with strong media exposure would drive interest in the asset. Currently, the Grayscale-managed GSOL ETP has seen strong trading activity, in line with the broader crypto market. GSOL is trading at $10.80, or 0.07 SOL per share, at around $138 per SOL.
ETF approval could trigger a price bump of up to 50%
SOL has demonstrated strong recovery potential to the $180-200 price range. Currently, influencers and advanced traders are still actively preparing for the “Solana summer”, with increased on-chain activity, Token project launches, and two consecutive quarters of good fee revenue.
The approval of the ETF could spark a return of demand and excitement for SOL, creating the next strong bullish wave. In the short term, SOL has recovered to around $140, opening up a very likely scenario of a re-pricing to higher territory.
Source: https://tintucbitcoin.com/solana-cme-mo-cua-etf-crypto-ngay/
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